According to Indonesia's Financial Services Authority (OJK), Indonesia's cryptocurrency trading volume in 2024 surged 335.91% year-over-year to reach 650.61 trillion rupiah. This sharp growth coincided with an increase in cryptocurrency users, with 22.91 million cryptocurrency users recorded as of December 2024. The OJK has approved cryptocurrency-related licenses for 19 financial institutions and is currently processing permits for an additional 14 institutions. Furthermore, the OJK will assume cryptocurrency supervisory authority from Indonesia's Commodity Futures Trading Supervisory Agency (Bappebti) starting January 2025 and has established a working group to ensure a smooth transition of responsibilities.
